DTE Energy (NYSE:DTE) Releases Quarterly Earnings Results, Beats Expectations By $0.22 EPS

DTE Energy (NYSE:DTE) announced its earnings results on Thursday. The utilities provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.21 by $0.22, Briefing.com reports. DTE Energy had a return on equity of 12.20% and a net margin of 11.18%. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the business posted $0.99 earnings per share. DTE Energy updated its FY24 guidance to $6.54-6.83 EPS.

DTE Energy Price Performance

Shares of DTE remained flat at $118.19 during midday trading on Friday. The stock had a trading volume of 1,712,734 shares, compared to its average volume of 951,260. DTE Energy has a 52 week low of $90.14 and a 52 week high of $120.54. The business has a 50-day simple moving average of $113.05 and a 200 day simple moving average of $110.33. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.54 and a current ratio of 0.75. The firm has a market cap of $24.46 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.66.

DTE Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, September 16th. DTE Energy’s dividend payout ratio (DPR) is presently 66.78%.

Insider Transactions at DTE Energy

In other news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $115.07, for a total transaction of $402,745.00. Following the completion of the sale, the insider now directly owns 59,475 shares of the company’s stock, valued at approximately $6,843,788.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $115.07, for a total transaction of $402,745.00. Following the completion of the sale, the insider now directly owns 59,475 shares of the company’s stock, valued at approximately $6,843,788.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mark W. Stiers sold 10,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $116.00, for a total value of $1,160,000.00. Following the transaction, the chief operating officer now directly owns 41,921 shares in the company, valued at approximately $4,862,836. The disclosure for this sale can be found here. Insiders sold 14,698 shares of company stock valued at $1,702,444 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DTE shares. StockNews.com raised DTE Energy from a “sell” rating to a “hold” rating in a report on Friday. KeyCorp upped their target price on DTE Energy from $117.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Wells Fargo & Company increased their price objective on DTE Energy from $125.00 to $133.00 and gave the stock an “overweight” rating in a research note on Friday. Scotiabank reduced their price objective on DTE Energy from $129.00 to $120.00 and set a “sector outperform” rating for the company in a research note on Monday, April 22nd. Finally, Morgan Stanley reduced their price objective on DTE Energy from $116.00 to $111.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.40.

About DTE Energy

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to various residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.